Senator Schumer Pledges to Push Crypto Legislation in 2024 If Ms Harris Wins

During the Crypto4Harris Town Hall, Senator Chuck Schumer pledged to push for crypto legislation before the end of 2024 if Kamala Harris wins the presidency.

At the Crypto4Harris Town Hall, Senate Majority Leader Chuck Schumer pledged that he would pass legislation regulating cryptocurrencies before the end of 2024, if Vice President Kamala Harris wins the presidency.

During the meeting, Schumer stressed:

“The United States cannot continue to turn a blind eye to the growth of the cryptocurrency sector. Establishing reasonable regulations is necessary to protect users and promote innovation in this nascent sector.

If we continue to be indifferent, cryptocurrencies will spill over into countries with weak regulations, where there is no strict governance.”

Schumer also pointed out that he has experience passing bipartisan bills and asserted that despite the current political divide, passing cryptocurrency-related legislation is still possible. He said:

"Cryptocurrencies have become indispensable, and Congress needs to do the right thing."

Currently, Congress is working on a series of bills to regulate cryptocurrencies, with many efforts coming from both parties. In early August 2024, Bitcoin-supporting Senator Cynthia Lummis also introduced the Strategic Bitcoin Reserve Act, which would establish a reserve fund of 1 million Bitcoins in the future, called the "BITCOIN Act of 2024".

On the House side, in May 2024, lawmakers passed the “Financial Innovation and Technology Act for the 21st Century” (FIT21) to give the Commodity Futures Trading Commission (CFTC) jurisdiction to oversee the crypto market, as well as “digital commodities” based on the legal framework for digital assets that the bill establishes.

The Crypto4Harris event was initiated by Democrats to promote pro-crypto policies in the context that Ms. Harris has not yet clearly defined her crypto stance. This is also part of the determination not to let former President Trump prevail in the upcoming November election.

Meanwhile, former President Donald Trump quickly made crypto a key part of his campaign, promising to end strict regulations under Biden. At the Bitcoin 2024 conference, he pledged to create a strategic reserve of BTC, vowed to fire SEC Chairman Gary Gensler “on day one” if elected, and raised more than $21 million in donations. Trump also picked crypto-friendly senator J.D. Vance as his vice presidential running mate and pledged to support Bitcoin miners if elected in November.

On Polymarket, the odds of Trump winning have unexpectedly dropped to 45% compared to 54% of the votes for Harris. Harris’s support on Polymarket has spiked in the past week since officially surpassing Trump on August 8.